Securities fraud case

Morrie Tobin was being questioned in an alleged scheme — in which people conspire to inflate the price of a stock so they can sell it at a profit — when he offered a tip to federal authorities to obtain leniency, The Wall Street Journal reported. (Instagram) A Los Angeles financial executive who was being investigated in a securities fraud case tipped authorities to the wide-ranging college admissions scandal, according to a report. Morrie Tobin was being questioned in an alleged scheme — in which people conspire to inflate the price of a stock so they can sell it at a profit — when he offered a tip to federal authorities to obtain leniency, The Wall Street Journal reported. FELICITY HUFFMAN, LORI LOUGHLIN MOCKED BY FELLOW CELEBRITIES OVER COLLEGE ADMISSIONS CHEATING SCANDAL Tobin, who attended Yale University, told investigators that the Yale head women’s soccer coach had sought a bribe in return for getting his daughter into the Ivy League … [Read more...] about LA financial executive tipped authorities to college admissions scandal for leniency in fraud case, report says

The college admissions scam (aka Operation Varsity Blues) is truly the gift that keeps on giving, in the sense that it serves as a constant, grim reminder of the myriad ways in which the wealthy and privileged exercise their considerable power to put poor and disenfranchised people at even further disadvantage. It doesn’t look like it’s ending anytime soon, either, as evidenced by the Wall Street Journal‘s recent report on a new revelation in the case: that the tipster who led the Feds to the college admissions scheme was Morrie Tobin, a Yale grad reportedly under investigation with the FBI for his role in a securities fraud case. Per the Wall Street Journal, Tobin attracted the attention of the federal government for his role in a pump-and-dump scheme, or a scam that involves inflating the price of a stock in order to sell it at a profit. (Basically, it’s the same type of scheme as the one at the center of the film The Wolf of Wall Street.) Tobin … [Read more...] about Tipster Who Broke College Admissions Case Was Under Investigation for Securities Fraud

The tipster who first led federal authorities to a conspiracy of rich-and-famous parents and coaches greasing the way for privileged applicants at elite universities was a financial executive looking to cut a deal in his own criminal case, The Wall Street Journal reported Thursday. The Journal, citing unnamed sources, identified the man as Morrie Tobin, a Los Angeles financial executive who was being questioned in an alleged pump-and-dump scheme – in which offenders drive up stock prices so they can sell them off at a profit. According to the Journal, Tobin offered feds a tip so he would get leniency in his security fraud case. Tobin, a Yale alumnus, told investigators the head women's soccer coach at Yale had sought a bribe in return for getting Tobin's daughter into the Ivy League school, the Journal reported. The tip triggered an investigation in which the vast scheme was unraveled, implicating dozens of wealthy parents who allegedly paid a college consultant to … [Read more...] about Report: College Bribe Tipster Was Yale Dad From Fraud Case

The U.S. Securities and Exchange Commission has reached a settlement with Jay Peak owner Ariel Quiros in the Jay Peak fraud case, holding him liable for paying back $81.3 million and fining him an additional $1 million. Quiros, along with partner Bill Stenger, was accused by the SEC in April 2016 of perpetrating a massive EB-5 fraud at Jay Peak and other locations in the Northeast Kingdom, misusing $200 million from foreign investors. Quiros was accused of personally profiting from more than $50 million. The EB-5 program offers green cards to foreign investors in exchange for investing in projects in the United States that create jobs. Stenger and Quiros raised some $350 million for projects at Jay Peak, at Burke Mountain Resort and in Newport. More: Lawsuit: Vermont covered up massive Jay Peak fraud More: Jay Peak's Quiros will not fight SEC fraud charges The SEC's final judgment against Quiros orders 17 properties, including the Jay Peak and Burke Mountain ski resorts … [Read more...] about Quiros reaches $82 million settlement in Jay Peak fraud case

NEWPORT – Vermont has settled a lawsuit against two ski resort developers who were accused of defrauding the state’s troubled immigrant investor program. Attorney General T.J. Donovan announced on Thursday that former Jay Peak ski area owner Ariel Quiros, of Miami, will pay the state $2 million, satisfied by giving it five properties in and around Jay Peak. Those properties will be liquidated, and the money will be earmarked for economic development, Donovan said. Former Jay Peak president William Stenger will pay the city of Newport $100,000, also earmarked for economic development. The settlement is subject to court approval. If approved the state will drop the lawsuit against both men. Quiros’ lawyer, Melissa Visconti, said Quiros is “happy that this is another step in the direction of putting all of this behind him.” Stenger’s lawyer did not immediately return a phone call seeking comment. Donovan, a Democrat, said his office chose to settle the … [Read more...] about Ex-Jay Peak owner to pay in EB-5 visa fraud case